Sky Announces 2025 Interim Results

Sky New Zealand
PO Box 9059
Newmarket
Auckland 1149
New Zealand

10 Panorama Road
Mt Wellington
Auckland 1060
New Zealand

T. +64 9 579 9999

sky.co.nz




21 February 2025

Sky releases half year financial results, with an emphasis on underlying results and dividend
Sky Network Television Limited (Sky) has today released Interim Results that reflect the challenging
impact of the satellite migration project and prolonged economic headwinds. The results also
include a number of one-off items (largely non-cash or expected to be cash neutral) that mask a
more positive underlying result, noting that Sky’s dividend is protected from one-offs.
Key points:
• Migration to a new satellite on an accelerated timeframe has been the main priority in the
period and remains the main priority into H2. This has necessitated delaying planned
projects, including some revenue-generating initiatives. Key migration milestones have been
achieved, and Sky remains focused on delivering a successful migration this Financial Year,
although this is still not without risk.
• Programming costs are heavily weighted towards the first half. This situation reverses in H2
2025, and Sky expects costs to be broadly flat year on year by the end of FY25.
• Reflecting the confidence of the Board and Management in Sky’s financial outlook, Sky’s
Board has declared an Interim Dividend of 8.5 cents per share (fully imputed). Dividend
guidance is unchanged at no less than 21 cents per share. Sky remains confident of progress
towards the targeted dividend level of 30 cents per share in FY26.
• Consistent with previous advice regarding revenue softness, and given the weak economy
and the necessary focus on satellite migration, Sky has provided updated guidance which
narrows and slightly lowers the previously published FY25 ranges of Revenue, EBITDA and
NPAT.
• Sky’s underlying strategy and business model remain sound, with positive trends evident.
Chief Executive Sophie Moloney said: “This has been a difficult half year, due to both the
interruptions flowing from Project Migrate and the ongoing economic pressures facing businesses
and consumers. While there are some one-off factors impacting our results, the fundamentals of our
strategy and progress against our priorities remain a cause for optimism.”
“We are seeing positive signs in our revenue growth engines of Streaming, Advertising and
Broadband. It is also very pleasing to report that over 30% of Sky Box customers have now upgraded
to the new Sky Box, with all the advantages that brings for the customer experience. This now
includes the game-changer of automatic failover to IP if there is a satellite signal interruption,
including from rain fade.”
“In an exciting development for Sky’s cricket fans, we are delighted to announce a new partnership
with New Zealand Cricket for all international matches played by the BLACKCAPS and WHITE FERNS
in New Zealand, for six years from the 2026-27 cricket season.”

“Discussions concerning the renewal of New Zealand Rugby and SANZAAR rights are ongoing, whilst
noting that the appointment of the new NZR Board has impacted negotiation timelines. The
financial terms of any renewal must make economic sense for our customers and our shareholders.”
Financial performance
Sky’s first half result includes several one-off items that mask a more positive underlying
performance of the business. They include satellite migration (largely cash neutral by FY26),
accelerated content amortisation and lease modification (both non-cash), and organisational
transformation. It is therefore appropriate to discuss the underlying numbers when assessing Sky’s
first half performance against H1 FY24.
Revenue at $385 million is 2% lower against a particularly strong comparator. While churn levels of
Sky Box customers have reduced compared with H2 FY24, some softness in Sky Box revenues has
continued into H1 FY25, with a partial revenue offset from growth in Streaming, Broadband, and
Advertising (which delivered 6% growth YOY), and a solid contribution from Commercial.
Underlying Expenses (excluding the impact of one-off items) were heavily weighted to the first half
at $325.6 million (Reported $347.9m), due to the timing of events such as the Paris Olympics. This
situation will reverse in the second half, and Sky expects to report close to previous run-rates for the
full year.
These reductions are readily achievable given the level of known commitments, and with no
shortage of quality content already in the pipeline for the second half. This content includes the
return of Super Rugby Pacific, the NRL and the ICC Champions Trophy, along with The White Lotus
on Max, available across our platforms.
On an Underlying basis, EBITDA was $60.7 million (Reported $43.2m) with Net Profit After Tax of
$10.9 million (Reported -$1.7m), largely reflecting the weighting of costs to the first half.
Free Cash Flow was $7.5 million, slightly ahead of last year.
Sophie Moloney commented: “At a high level, while the first half revenue miss is inconsistent with
our strategic plan, driving improved margins through returning to a growth footing and continuing to
manage the cost base remains firmly in focus.”
“On the revenue side, our full year forecast is largely impacted by the ongoing weak economic
environment, coupled with the in-year impacts of Project Migrate. The latter has directly impacted
revenue-generating activities planned for FY25 as resources were necessarily diverted. With
migration on track for completion this FY our focus will return to delivering these opportunities in
FY26.”
“Critically, on the cost front, this year is a turning point for Sky as we move from a previous pattern
of high cost, low-to-no-margin historic rights deals, to a lower programming spend to revenue ratio
during FY26. This in turn creates the flexibility to invest in ways that further enhance customer
experience based on analysis of our rich data sets which increasingly allow us to identify
opportunities for audience growth.”
Project Migrate
Sky’s update on 14 February provides information on the progress of the new satellite. Although no
satellite transition is risk free, testing is underway and recent achievement of key milestones gives

Management confidence that the successful migration of hundreds of thousands of Sky Box
customers to the new satellite should be completed in early April.
As outlined in the Chief Executive’s letter accompanying the Results today, there have been impacts
to some customers due to an unexpected reduction in signal strength resulting from the inclination
of the current D2 satellite, coupled with scheduling difficulties with some technician visits. While
technical fixes in recent weeks have improved the signal strength across the country and greatly
reduced the level of demand on customer service areas, the disruption and frustration for around
5% of Sky Box customers is unacceptable. The Sky team, supported by business partners, is working
hard to remedy these shortcomings.
While Sky will not have certainty regarding the final financial impact of the satellite migration project
until the successful transition is achieved, Management continues to believe that the programme will
be largely cash neutral by the end of FY26 thanks to support from Optus.
Capital Management
The current share buyback remains in place with $7.8 million remaining to deploy. As previously
indicated, this was paused throughout H1 given the ongoing rights negotiations with NZR, and the
buyback remains suspended at this time.
The Board maintains its view that Sky’s shares remain under-valued, and once the satellite migration
and negotiations with NZR have been concluded, further capital management initiatives, including the
option to introduce a prudent amount of leverage to the balance sheet, will be considered by the
Board.
Sky remains in a healthy fiscal position, with a strong balance sheet, including a $100m undrawn bank
facility, and proven ability to generate free cash.
The Board remains confident in the longer-term trajectory of the business and its ability to deliver
sustainable free cash flow, which is reflected in an increased interim dividend of 8.5 cents per share,
fully imputed. This represents a year-on-year increase of 21.4%.
Outlook
Sky’s multi-product, multi-platform strategy remains a key competitive advantage, providing
customers with choice in the way they engage with Sky’s unrivalled content. At the same time,
notwithstanding the costs to serve, Sky’s substantial, high value customer base is compelling for
content partners and advertisers.
Against the focus of resources on the successful delivery of Project Migrate in H2, and with
economic conditions expected to remain challenging in the near term, Sky has reviewed its full year
2025 guidance for Revenue, EBITDA and NPAT, and narrowed and slightly lowered the ranges
1
.
Midpoints are now reset to the lower end of previous guidance.
- Revenue guidance is between $755 to $765 million
- EBITDA guidance is between $145m to $152.5 million
- NPAT guidance is between $35 to $42.5 million.

1
Subject to no adverse change in operating conditions, including future economic headwinds. Guidance excludes one-offs
associated with satellite migration, accelerated amortisation and transformation initiatives.

Sky’s guidance for full year dividends has been held to at least 21 cents per share (fully imputed),
and Sky remains confident of progress towards the targeted level of 30 cents per share by FY26.
ENDS

Authorised by: Kirstin Jones, Company Secretary
Investor queries to:
Amanda West, Head of Investor Relations and Corporate Sustainability
Amanda.West@sky.co.nz
Media queries to:
Karina Healy, Head of Corporate Communications
Karina.Healy@sky.co.nz

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)


Results for announcement to the market
Name of issuer Sky Network Television Limited
Reporting Period 6 months to 31 December 2024
Previous Reporting Period 6 months to 31 December 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$384,761 2.0% decrease
Total Revenue $384,761 2.0% decrease
Net profit/(loss) from
continuing operations
$(1,958) 106.8% decrease
Total net profit/(loss) $(1,750) 106.0% decrease
Interim Dividend
Amount per Quoted Equity
Security
$0.08500000
Imputed amount per Quoted
Equity Security
$0.03305556
Record Date 7 March 2025
Dividend Payment Date 21 March 2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.95283 $0.93792
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
For further explanation refer to the Interim Report.
Authority for this announcement
Name of person

authorised
to make this announcement
Andrew Hirst
Contact person for this
announcement
Andrew Hirst
Contact phone number
+64 21 621 114

Contact email address Andrew.Hirst@sky.co.nz
Date of release through MAP

21/02/2025

Interim financial statements accompany this announcement.

---

Distribution Notice

Updated as at June 2022



Please note: all cash amounts in this form should be provided to 8 decimal places, including zeros (ie 0.01001000)

Section 1: Issuer information
Name of issuer Sky Network Television Limited
Financial product name/description Ordinary Shares
NZX ticker code SKT
ISIN (If unknown, check on NZX
website)
NZSKTE0001S6
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 07/03/2025
Ex-Date (one business day before the
Record Date)
06/03/2025
Payment date (and allotment date for
DRP)
21/03/2025
Total monies associated with the
distribution
$11,702,376
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.11805556
Gross taxable amount $0.11805556
Total cash distribution $0.08500000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.01500000
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed

Fully imputed X
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
28%
Imputation tax credits per financial
product
$0.03305556
Resident Withholding Tax per
financial product
$0.00590278

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Andrew Hirst
Contact person for this
announcement
Andrew Hirst
Contact phone number +64 21 621 114
Contact email address Andrew.Hirst@sky.co.nz
Date of release through MAP

21/02/2025

---

2025
Interim Report
For the six months ended
31 December 2024

Dear Shareholders,
It has been a challenging half year for Sky. When I
addressed you at the Annual Shareholder Meeting in
November, I reminded you of the two key priorities for
the company to successfully navigate during FY25,
namely: satellite migration and the renewal of the
NZR rugby rights.
Dealing first with the latest on our migration to a
new satellite, this remains the overarching priority for
Sky over the next six months. This reflected advice
from Optus, our satellite provider, that the current
D2 satellite would need to be taken out of service
significantly earlier than previously advised. Sky
progressed a complex dual path satellite migration
plan until the end of January 2025 when it became
clear that the preferred satellite option, Koreasat 6,
could be successfully inverted and drifted to the same
orbital slot as the current D2 satellite. As announced
on 14 February, this complex process is now complete,
initial tests have been positive, and migration is on
track for early April. However, some risk still exists in
completing the migration to the new satellite.
As we have shared, a decision was made by Optus
to put the existing D2 satellite into an inclined orbit
to conserve fuel. Although significant modelling of
the impact on signal strength of this inclined orbit
was prepared by Optus, the signal strength on the
ground, particularly in certain parts of the country,
latterly did not behave as had been modelled
resulting in an increasing number of customers
losing reception for several hours each day, or in
some cases completely. Sophie explains in her letter
the customer service issues that this created. At the
same time, working closely with Optus, a number
of technical adjustments were developed and
implemented. These improved signal strength from
the satellite resulting more recently in a significant
reduction in customers affected.
That said, and despite tireless efforts by the
Management team and our partner, Downer, we fell
short of the customer service levels to which we aspire.
For this I apologise to all affected customers. Put
simply, our call centres and field engineering resources
were overwhelmed by the sheer volume of calls.
Following the technical adjustments referenced above,
the number of incoming calls and daily technician visits
have now returned to more normal levels.
As previously advised, existing agreements with
Optus provide for financial support to Sky to meet
the necessary investment to transition to the new
satellite. We are in constructive discussions to agree
additional financial support for the incremental
revenue and cost impacts resulting from the events
described above. Whilst we will not have certainty
regarding the final cost of the satellite migration
project until the transition in early April, Management
continues to believe given the anticipated level of
compensation from Optus that the programme will
be largely cash neutral by the end of FY26.
New Zealand Rugby
The second key priority for Sophie and her team
that I mentioned at the Annual Shareholder Meeting
was the negotiation of a new rights agreement
with New Zealand Rugby and SANZAAR, to replace
the current 5-year contract which runs until the
end of this calendar year. It is disappointing that
I have no substantive news on this to report, but
we acknowledge that governance changes at NZR,
including the appointment of a new Board with
effect from 1 February, have necessarily slowed down
the process. Whilst the agenda for the new NZR
board is doubtless wide ranging, we will continue to
discuss renewal options in good faith, against the
backdrop that the financial terms of any renewal
must make economic sense for our customers and
our shareholders.
Chairman's
Letter
Sky / 2025 Interim Report / p2

Wider content landscape
The Content Rights Committee of the Board has
worked hard over the half year, providing challenge
and counsel to Management on a number of rights
transactions. Pleasingly, we concluded a number
of successful renegotiations during the first half,
including the announcement that Sky is the exclusive
home of Max content in New Zealand, through an
expanded agreement with Warner Bros. Discovery.
Alongside the expanded BBC agreement, this was
another example of the strength of our offering for
content partners and contributes to an enhanced
entertainment portfolio that delivers the best of
international content alongside an increasingly strong
Sky Originals slate of quality local content.
Business performance in context
The Half Year results that we present to you today
show a small net loss after tax of $1.7m reflecting
the weak economy and the priority that has been
placed on Project Migrate at the expense of pursuing
other revenue-generating opportunities. This result
also includes a number of one-off items within our
financial results that mask a more positive underlying
performance of the business.
In addition to presenting our usual financial results,
in this instance we believe it is also important to
share adjusted numbers to allow shareholders to
understand the underlying trend from the FY24
to FY25. To assist, we have provided a table of
adjustments on page 6.
On an adjusted basis the net profit after tax was
$10.9m. The adjusting items are predominantly
non-cash (in the case of content amortisation)
or potentially cash neutral (in the case of satellite
migration). Some reflect investment that should
facilitate improved operational or financial outcomes
in future years.
Management always budgeted for a much stronger
H2 than H1 in FY25 due primarily to the timing of
certain costs (for example the quadrennial rights to
the Olympic Games falling into H1). Whilst the first
months of H2 will continue to be disrupted by the
satellite migration, Management is confident that the
financial results in H2 will be significantly stronger. In
late 2025 or early 2026 commentators expect that the
economy, widely regarded as having suffered the worst
downturn since the early 1990s, will finally strengthen
and provide further support to Sky’s profitability.
Looking ahead to the full year, the Board has reviewed
our guidance ranges published in August 2024,
and consistent with our earlier advice on revenue
softness given the weak economy, combined with the
distraction of the satellite migration, has concluded
when approving these Interim Results that it is
appropriate that guidance ranges should be adjusted.
Further details are included in Sophie’s letter.
Once the satellite transition is behind us and with
the eventual improvement in the current economic
cycle, we look forward to demonstrating the benefits
of the actions that Management has taken, and the
investment we have made for the future.
Strong Balance Sheet
In the meantime, Sky remains in a healthy fiscal
position, with a strong balance sheet, including a
$100m undrawn bank facility, and proven ability
to generate free cash.
On this basis, your Board remains confident in
the longer-term trajectory of the business and its
ability to deliver sustainable free cash flow, which is
reflected in an increased interim dividend of 8.5 cents
per share, fully imputed. This represents a year-on-
year increase of 21%.
Our full year dividend guidance of at least 21 cents
per share remains unchanged, as does Management’s
confidence in delivering the targeted dividend of 30
cents per share next year.
Capital Management
The current buyback remains in place with $7.8
million remaining to deploy. However, as previously
indicated this was paused throughout H1 given
the ongoing rights negotiations with NZR. Given
these negotiations remain ongoing, the buyback will
remain suspended for the time being. That said, your
Board maintains its view that Sky’s shares remain
under-valued, a view supported by the EBITDA
multiple disclosed in DAZN’s acquisition of Foxtel. As
previously stated, once the satellite migration and
negotiations with NZR have been concluded, further
capital management initiatives, including the option
to introduce a prudent amount of leverage to the
balance sheet, will be considered by the Board.
Conclusion
I would like to thank the Board for their support and
counsel during this challenging period. This involved a
number of unscheduled meetings to receive updates
on the satellite migration programme and the rising
customer service challenges after D2 was placed into
an inclined orbit.
On behalf of the Board I would also like to thank
Sophie, her Leadership Team, and every member of
the Sky team for their hard work on the challenges
that faced the business. Without their dedication and
hard work, we would not be where we are today.
As always, our thanks to you, our shareholders, for
your continued support. I look forward to updating
you again when we announce our full year results
towards the end of August.
Finally you have my commitment that all the Sky
team will continue to work tirelessly with our partners,
Optus and Downer, to make the remaining weeks of
this satellite transition as smooth as possible for every
one of our customers.
Philip Bowman
Independent Chairman
Sky / 2025 Interim Report / p3

Dear Shareholders,
As Philip has shared in his letter, our satellite
migration project (Project Migrate) remains our
number one priority to deliver in this Financial Year
(FY). Despite the recent challenges faced by some
of our Sky Box customers, we are on target to
complete this migration by early April. I will touch
on the key impacts of this business-critical project,
along with the continued delivery of our four other
priorities as your company continues to deliver on
its strategic plan for FY25.
H1 Financial Performance
Before doing so, I want to focus on the performance
of the business. Given the one-off adjustments in
the period, it is appropriate to consider underlying
numbers when assessing Sky’s first half results.
As signalled at our Annual Shareholder meeting,
Revenue was $385 million, 2% lower against a
particularly strong comparator. In addition, the
economic headwinds of H2 FY24 meant we started
the current period with lower Sky Box customers and
thereby revenues, with a partial revenue offset by
growth in Streaming, Broadband, and Advertising,
and a solid contribution from Commercial.
As we’ve previously advised, Underlying Expenses
were heavily weighted to H1 at $325.6 million. This
essentially flows from the Programming line, due to
timing of events such as the Paris Olympics, and we
expect this to reverse in the second half, meaning we
will be close to previous run-rates for the full year.
These reductions are readily achievable given the
level of known commitments, and with no shortage
of quality content already in the pipeline for the
second half, such as the return of Super Rugby
Pacific, the NRL and the ICC Champions Trophy,
along with The White Lotus on Max, available
across our platforms.
On an Underlying basis EBITDA was $60.7 million
with Net Profit After Tax of $10.9 million (but again,
reflecting the weighting of costs to the first half),
and therefore down from $81.7 million and $29.0
million respectively in the prior year.
Free Cash Flow was $7.5 million, slightly ahead
of last year.
At a high level, while the first half revenue miss
is inconsistent with our strategic plan, driving
improved margins through returning to a growth
footing and continuing to manage the cost base
remains firmly in focus.
On the cost front, critically, this year is a turning
point for Sky as we move from a previous pattern
of costly, low-to-no margin historic deals to a lower
programming spend to revenue ratio during FY26.
This in turn creates the flexibility to invest in the way
that makes sense for our customers, this business
and our investors based on our rich data sets and
where we see opportunities for audience growth.
On the revenue side, our full year forecast is
largely impacted by the ongoing weak economic
environment coupled with the impacts of Project
Migrate. The latter has directly impacted revenue-
generating activities planned for FY25 as resources
were necessarily diverted. This market context
reinforces the importance of our free-to-air coverage
via Sky Open supported by our advertising partners,
along with the access our commercial customers
provide to our full suite of premium sport at their
premises right across the country.
Turning then to specific customer impacts of
Project Migrate before considering our four
other strategic priorities.
CEO's
Letter
Sky / 2025 Interim Report / p4

Project Migrate – Customer Impacts
Project Migrate is a one-off impact during this
half year and we have needed to deal with the
project’s complexity and speed given the significantly
accelerated timeframes unexpectedly placed upon
us at the start of the financial year.
In terms of the customer impacts, the cause of the
significant uplift in calls into the contact centre and
resultant increase in technician call-outs was the
unexpected reduction in signal strength due to the
inclination of the current D2 satellite. This signal
strength reduction resulted in pixelation of content
for some customers, with others simply getting a
‘no-satellite signal’ or T100 message. The technical
fixes Philip mentioned have improved the signal
strength across the country and thereby greatly
reduced the demand into our customer service
areas in recent weeks.
While around 95% of our customers have not
experienced any issues, for those who have been
impacted it has been a very frustrating experience,
especially for those customers who encountered
several rescheduled technician visits without
sufficiently clear communication of the rescheduled
dates. This communication issue was primarily driven
by the unplanned uplift in volumes, and credits have
been offered to those customers directly impacted.
We are keenly attuned to the poor customer
experience but to provide context on the scale of the
demand, the inbound technical calls into our Customer
Care centre rose during January by 61%, and service
call-outs more than doubled (to 500 per day).
Notwithstanding these justifiable customer
concerns, I am immensely proud of the team’s
efforts to date, noting that there remain a number
of key milestones in front of us to ensure a smooth
transition to the new satellite in early April, which we
will keep proactively communicating with customers
about in the coming weeks.
The fundamentals remain strong
Shifting gears again to the strategy of your
company, while the combination of the ‘market
and migrate’ has interrupted our progress from
a half year results perspective, the fundamentals
of our strategy and progress against our four
other priorities remains a cause for optimism.
In this FY, we are:
• deploying the new Sky experience at pace (now
attached to 30% of the Sky Box base) to deliver
the NPS and operational benefits of this new
experience for our customers, which now includes
the game-changer of automatic failover to IP if
there is a satellite signal interruption, including
from rain-fade;
• accelerating our advertising capability to further
diversify our revenue base, with a focus on digital
and our data that includes the H1 launch of
dynamic ad insertion (DAI) on Sky Sport Now,
which is another game-changer meaning no
additional ads but simply making them more
targeted. It is the same underlying digital
technology that will also power DAI on Sky GO,
Sky Pod and the new Sky Box;
• deepening our customers’ engagement in our
content and our understanding of what content
to renew, let go or go after based on our rich
data insights; and
• investing in our leaders and our people to grow
their engagement at work, while partnering with
experts to extend our teams’ capabilities, with
increased capacity at scale.
At a higher level, our multi-product, multi-platform
strategy remains a key competitive advantage,
providing customers with choice in the way they
engage with Sky’s unrivalled content. At the
same time, notwithstanding the costs to serve as
referenced in the customer call numbers mentioned
above, our substantial, high value customer base is
compelling for content partners and advertisers.
OUR PURPOSE
Share Stories.
Share Possibilities.
Share Joy.
OUR AMBITION
FY25 PRIORITIES
OUR ENDURING COMMITMENT
To be Aotearoa NZ’s most engaging
and essential media company
Grow
engagement
together
Supercharge
new Sky
experience
Accelerate
advertising
Deepen
content
engagement
A responsible and sustainably profitable,
Aotearoa-focused business
Successful delivery of Project Migrate
Sky / 2025 Interim Report / p5

Looking ahead
Against the focus of resources on the successful
delivery of Project Migrate in H2, and with economic
conditions expected to remain challenging in the
near term, we have reviewed our full year 2025
guidance for Revenue, EBITDA and NPAT. The ranges
have been narrowed and lowered, with midpoints
now reset to the lower end of previous guidance.
This sees Revenue guidance moving to between
$755 million to $765 million, EBITDA guidance of
between $145 million to $152.5 million, and NPAT
guidance of between $35 million to $42.5 million. We
note satellite migration, accelerated amortisation
and transformation one-offs are excluded. Capex
guidance, which excludes satellite migration spending
and associated cash support from Optus that comes
through our leasing line, remains unchanged.
As Philip shared, our guidance for full year dividends
has been held to at least 21 cents per share (fully
imputed), and we remain confident of progress
towards the targeted level of 30 cents per share
by FY26.
Thank you
In closing, I would like to acknowledge the additional
support and helpful challenge provided by the Board
during the period, no matter the time of day or night.
This has been invaluable, and I am grateful for the
combined experience of our Directors and the care
demonstrated in their stewardship of Sky.
I want to thank my team for their extraordinary
hard work in this very busy period. The leadership,
collaboration, agility and resilience being displayed on
a daily basis has been very impressive and inspiring.
In terms of my Executive team, we have welcomed
Kym Niblock as Chief Digital and Technology Officer.
Kym is a highly experienced and innovative digital
leader with over 30 years of experience in the media
sector both here and abroad, and she is already
making a positive impact at Sky as an enterprise
leader with deep technical expertise.
We also recently welcomed Andrew Hirst who returns
to Sky as Interim CFO following a handover from Ciara
McGuigan. Ciara leaves Sky with our thanks for her
contribution which included improving Sky’s annual
planning processes and strengthening the finance
leadership team which now reports into Andrew.
Andrew’s deep knowledge of our business is invaluable,
and we are pleased to have resecured his expertise.
To our shareholders, many of whom are also
customers, I thank you for your support and your
ongoing interest in our company. I look forward to
sharing the news of our successful satellite migration
and the continued delivery of our strategy as we
revert to normal service and a focus on what is on
our screens, not how it gets there!
Sophie Moloney
Chief Executive
Understanding Sky’s
underlying results
Sky’s Interim Results include the impact of a number of one-off items that
mean it may be difficult to assess the underlying performance of the business
during the current period. For this reason, in addition to Reported results,
we have also provided Adjusted numbers (Non-GAAP financial measures)
that enable a like for like comparison.
There are four categories of one-off items included in the adjusted numbers
impacting Revenue, EBITDA, Net Profit After Tax, and Capex:
• Accelerated content amortisation: is a non-cash cost resulting from
a change in the amortisation methodology for Neon.
• Organisational transformation: relates to costs resulting from
organisational change.
• Satellite migration: relates to revenue and cost impacts resulting from
the migration to the new satellite in early April 2025.
• Lease modification: relates to Other Income resulting from a modified
(shortened) lease term for the existing satellite lease.
The following information is provided as supplementary information to the
2025 Interim Financial Statements:
In NZD millions
H1 2025
Reported
H1 2025
Adjusted
H1 2024
Reported
% change
Reported
% change
Adjusted
Revenue
384.8385.0392.7-2.0%-2.0%
Operating Expenses
347.9325.6311.111.8%4.6%
EBITDA
43.260.781.7-47.1%-25.6%
Depreciation & Amortisation
43.143.141.2-4.5%-4.5%
Net Profit after Tax
(1.7)10.929.0-106.0%-62.3%
Capex
1
43.838.536.918.7%4.4%
1. Capex adjustment relates to satellite migration capex.
Summary of Adjustments:
In NZD millions 31-Dec-24
Statutory loss after tax
(1.7)
Adjustments to earnings as follows:
Accelerated content amortisation
1
18.3
Organisational change cost
2
2.8
Satellite migration costs
3
1.3
Gain on satellite lease modification
4
(4.9)
Tax effect on above adjustments
(4.9)
Total adjustments
12.6
Adjusted profit after tax
10.9
1. Refer to note 3 and 8 of Interim Financial Statements.
2. Redundancy costs in relation to organisational changes.
3. Satellite migration costs including incremental subscriber management ($1.1m) and customer transmission
service credits ($0.2m).
4. Refer to note 9 of Interim Financial Statements.
Sky / 2025 Interim Report / p6

For the six months ended
31 December 2024
Our 2025
Interim
Financials
Sky / 2025 Interim Report /p7

Consolidated Interim Statement
of Comprehensive Income
For the six months ended 31 December 2024 (unaudited)
In NZD 000 Notes
31-Dec-2024
(6 months)
31-Dec-2023
(6 months)
30-Jun-2024
(1 year audited)
Revenue
4 384,761392,687766,734
Other income
9 6,319127471
Expenses
Programming
8227,6501 9 7, 8 6 3391,630
Subscriber related costs
38,66139,76380,566
Broadcasting and infrastructure
50,44644,2418 7, 2 3 9
Depreciation, amortisation and impairment
43,06641,20483,271
Other costs
31,13329,27854,735
Total operating expenses
390,956352,3496 9 7, 4 4 1
Finance income
7902,4953,602
Finance expense
3,3452,5154,659
(Loss)/Profit before tax
(2,431)40,44568,707
Income tax (credit)/expense
(681)11,47919,484
(Loss)/Profit for the period
(1,750)28,96649,223
Attributable to
Equity holders of the Company
(1,958)28,84848,964
Non-controlling interests
208118259
(1,750)28,96649,223
Earnings per share
Basic and diluted earnings per share (cents)
12(1.42)20.0734.44
(Loss)/Profit for the period
(1,750)28,96649,223
Items that may be reclassified to profit or loss
Deferred hedging gains/(losses) transferred to operating expenses
during the period
10,199( 7, 5 8 4 )247
Income tax effect
(2,856)2,124(69)
Net other comprehensive income/(loss) to be reclassified to profit
or loss, net of income tax
7,343(5,460)178
Items that may not be reclassified to profit or loss
Deferred hedging losses transferred to non-financial assets during
the period
(247)(1,651)(1,649)
Income tax effect
69462 461
Net other comprehensive loss not being reclassified to profit or
loss, net of income tax
(178)(1,189)(1,188)
Total comprehensive income for the period
5,41522,31748,213
Attributable to
Equity holders of the Company
5,20722,1994 7, 9 5 4
Non-controlling interests
208118259
5,41522,31748,213
Consolidated Interim Balance Sheet
As at 31 December 2024 (unaudited)
In NZD 000 Notes31-Dec-202431-Dec-2023
30-Jun-2024
(audited)
Current assets
Cash and cash equivalents
102 7, 7 5 34 7, 3 7 63 7, 7 9 9
Trade and other receivables
1056,5145 7, 6 4 872,441
Programme rights inventory
866,767120,121125,644
Income tax receivable
6,850 - -
Derivative financial instruments
109 ,7412521,333
1 6 7, 6 2 5225,3972 3 7, 2 17
Non-current assets
Trade and other receivables
104,5702,279 4,928
Property, plant and equipment
127,93499,507 116,930
Intangible assets
60,95661,573 60,117
Right of use assets
18,3392 7, 1 8 1 16,722
Deferred tax asset
- 7, 0 9 2 -
Goodwill
244,264244,264 244,264
Derivative financial instruments
102,25371 1,206
458,316441,967 444,167
Total assets
625,9416 6 7, 3 6 4 681,384
Current liabilities
Lease liabilities
9,1 011,56919,301 9,335
Deferred obligation
- - 8,126
Trade and other payables
10103,586109,377 133,747
Contract liabilities
54,35055,431 56,535
Income tax payable
- 9,662 5 , 974
Derivative financial instruments
10 1266,487 2,450
169,631200,258 216,167
Non-current liabilities
Lease liabilities
9,1 015,40615,050 15,377
Trade and other payables
302412 583
Derivative financial instruments
10 7412,979 335
Deferred tax liability
1,873 - 4
18,32218,441 16,299
Total liabilities
187,953218,699 232,466
Equity
Share capital
13 676,755692,483 676,755
Reserves
7, 7 0 0(5,403)359
Retained deficit
(248,054)(239,652)(229,575)
Total equity attributable to equity holders of the Company
436,4014 47, 4 2 8 447,539
Non-controlling interest
1,5871,237 1,379
Total equity
4 3 7, 9 8 8448,665 448,918
Total equity and liabilities
625,9416 6 7, 3 6 4 681,384
Philip Bowman Keith Smith
Director and Chair Director, Deputy Chair and Chair of Audit and Risk Committee
For and on behalf of the Board 20 February 2025
Sky / 2025 Interim Report /p8

Consolidated Interim Statement
of Changes in Equity
As at 31 December 2024 (unaudited)
Attributable to owners of the parent
Non-
controlling
interest
Total
equityIn NZD 000
Share
capitalReserves
Retained
deficitTotal
For the six months ended 31 December 2024
Balance at 1 July 2024
676,755359(229,575)4 4 7, 5 3 91,379448,918
Profit for the period
--(1,958)(1,958)208(1,750)
Cash flow hedges, net of tax
-7, 1 6 5-7, 1 6 5-7, 1 6 5
Total comprehensive income/(loss) for the period
-7, 1 6 5(1,958)5,2072085,415
Transactions with owners in their capacity as owners
Dividend paid
1
--(16,521)(16,521)-(16,521)
Supplementary dividends
--(989)(989)-(989)
Foreign investor tax credits
--989989-989
Share based compensation reserve
2
-176-176-176
-176(16,521)(16,345)-(16,345)
Balance at 31 December 2024
676,7557,7 0 0(248,054)436,4011,5874 3 7, 9 8 8
For the six months ended 31 December 2023
Balance at 1 July 2023
693,7201,188(255,554)439,3541,426440,780
Profit for the period
--28,84828,84811828,966
Cash flow hedges, net of tax
-(6,649)-(6,649)-(6,649)
Total comprehensive income/(loss) for the period
-(6,649)28,84822,19911822,317
Transactions with owners in their capacity as owners
Share buyback
4
(1,235)--(1,235)-(1,235)
Transaction costs
(2)--(2)-(2)
Dividend paid
3
--(12,946)(12,946)(307)(13,253)
Supplementary dividends
--(1,009)(1,009)-(1,009)
Foreign investor tax credits
--1,0091,009-1,009
Share based compensation reserve
2
-58-58-58
(1,237)58(12,946)(14,125)(307)(14,432)
Balance at 31 December 2023
692,483(5,403)(239,652)4 47, 4 2 81,237448,665
For the year ended 30 June 2024 (audited)
Balance at 1 July 2023
693,7201,188(255,554)439,3541,426440,780
Profit for the period
--48,96448,96425949,223
Cash flow hedges, net of tax
-(1,010)-(1,010)-(1,010)
Total comprehensive income for the year
-(1,010)48,96447, 9 5 425948,213
Transactions with owners in their capacity as owners
Share Buyback
4
(16,931)--(16,931)-(16,931)
Transaction costs
(34)--(34)-(34)
Dividend paid
3,5
--(22,985)(22,985)(306)(23,291)
Supplementary dividends
--(1,678)(1,678)-(1,678)
Foreign investor tax credits
--1,6781,678-1,678
Share based compensation reserve
2
-181-181-181
(16,965)181(22,985)(39,769)(306)(40,075)
Balance at 30 June 2024
676,755359(229,575)447,5391,379448,918
1. Sky paid a dividend of 12.0 cents per ordinary share on 20 September 2024.
2. In August 2023 the Group approved a long term incentive plan and granted 408,415 shares to executives of the Group. In September 2024 a further 388,742
shares were granted to executives of the Group, refer to note 5.
3. Sky paid a dividend of 9.0 cents per ordinary share on 22 September 2023.
4. On 6 April 2023 and 1 April 2024 Sky commenced on-market share buyback programmes, refer to note 13.
5. Sky paid a dividend of 7.0 cents per ordinary share on 22 March 2024.
Consolidated Interim Statement
of Cash Flows
For the six months ended 31 December 2024 (unaudited)
In NZD 000 Notes
31-Dec-2024
(6 months)
31-Dec-2023
(6 months)
30-Jun-2024
(1 year)
(Audited)
Cash flows from operating activities
Profit before tax
(2,431)40,44568,707
Adjustment for:
Depreciation, amortisation and impairment
43,06641,20483,271
Unrealised foreign exchange loss/(gain)
1,114(1,175)(1,575)
Interest expense
2,2122,5154,659
Interest income
(790)(948)(1,905)
Bad debts and movement in provision for doubtful debts
6628411,876
Accelerated amortisation of Neon and SoHo content
18,365 - -
Other non-cash items
90780753
Movement in working capital items:
Decrease/(increase) in receivables
9,643(5,052)(23,529)
(Decrease)/increase in payables
( 3 7, 1 5 5 )(22,034)12,069
Decrease in programme rights inventory
40,56415,58110,559
Cash generated from operations
76,15771,457154,885
Interest paid
(2,098)(2 , 3 74)(4,631)
Interest received
7909481,905
Bank facility fees paid
(114)(141)(28)
Income tax paid
(12,000)(7,000)(13,000)
Net cash from operating activities
62,73562,890139,131
Cash flows from investing activities
Acquisition of property, plant and equipment
(26,216)(28,341)(63,835)
Acquisition of intangibles
(14,566)(13,070)(24,872)
Net cash used in investing activities
7(40,782)(41,411)(88,707)
Cash flows from financing activities
Acquisition of ordinary shares through on-market share buyback
- (1,235)(16,931)
Transaction costs incurred
- (2)(34)
Payments for lease liability principal
9(14,489)(14,655)(2 6 ,74 2)
Dividend paid to shareholders
(17,510)(13,956)(24,663)
Dividend paid to minority shareholders
- (306)(306)
Net cash used in financing activities
(31,999)(30,154)(68,676)
Net decrease in cash and cash equivalents
(10,046)(8,675)(18,252)
Cash and cash equivalents at the beginning of the period
3 7, 7 9 9 56,051 56,051
Cash and cash equivalents at the end of the period
10 2 7,75 3 47, 3 7 6 3 7,7 9 9

Sky / 2025 Interim Report /p9

Notes to the Consolidated
Interim Financial Statements
For the six months ended 31 December 2024 (unaudited)
1. General Information
Sky Network Television Limited (Sky) is a company, incorporated and domiciled in New Zealand. The address of its registered office
is 10 Panorama Road, Mt Wellington, Auckland, New Zealand. The consolidated interim financial statements for the six months
ended 31 December 2024 comprise Sky and its subsidiaries (the Group).
Sky is a company registered under the Companies Act 1993 and is a reporting entity under Part 7 of the Financial Markets Conduct
Act 2013.
The Group’s primary activity is to operate as a provider of sport and entertainment media services and telecommunications
in New Zealand.
These consolidated interim financial statements were approved by the Board on 20 February 2025.
2. Basis of Preparation
These consolidated interim financial statements have been prepared in accordance with the requirements of Part 7 of the Financial
Markets Conduct Act 2013, the NZX Listing Rules and the ASX Listing Rules.
These consolidated interim financial statements of Sky are for the six months ended 31 December 2024. They have been prepared
in accordance with New Zealand generally accepted accounting practice, Interim Financial Reporting (NZ IAS 34) and International
Accounting Standard 34 (IAS 34). They do not include all the information required for full annual financial statements and should
be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 30 June 2024. For the
purposes of financial reporting Sky is a profit-oriented entity.
The preparation of interim financial statements in accordance with NZ IAS 34 and IAS 34 requires management to make
judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities,
income and expenses. The estimates and associated assumptions are based on historical experience and various other factors
that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements
about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from
these estimates.
These unaudited consolidated interim financial statements have been prepared under the historical cost convention except for
the revaluation of certain financial instruments (including derivative instruments).
Group structure
The Group has a majority share in the following subsidiaries.
Name of EntityPrincipal Activity
Country of
IncorporationParent
Interest held
Dec 2024 Jun 2024 Dec 2023
Sky DMX Music LimitedCommercial musicNew ZealandSky
50.50%50.50%50.50%
Sky Ventures LimitedDid not tradeNew ZealandSky
100.00%100.00%100.00%
Media Finance LimitedDid not tradeNew ZealandSky
100.00%100.00%100.00%
Non Trading PS Limited (previously
Outside Broadcasting Limited)
Did not tradeNew ZealandSky
100.00%100.00%100.00%
Screen Enterprises LimitedDid not tradeNew ZealandSky
100.00%100.00%100.00%
Sky Network Services Limited
(previously Igloo Limited)
Broadband servicesNew ZealandSky
100.00%100.00%100.00%
Believe It Or Not LimitedEntertainment quizzesNew ZealandSky
51.00%51.00%51.00%
Sky Investment Holdings Limited Did not tradeNew ZealandSky
100.00%100.00%100.00%
Lightbox New Zealand LimitedStreaming servicesNew ZealandSky
100.00%100.00%100.00%
Sports Analytics Pty Limited
1
Did not tradeSouth AfricaSky Investment
Holdings Limited
-81.00%81.00%
1. On 2nd September 2024, Sports Analytics (Pty) Limited was removed from the company register.
3. Material Accounting Policies and Critical Judgements
and Estimations
The accounting policies applied by the Group in these consolidated interim financial statements are the same as those applied by
the Group in its consolidated financial statements as at and for the year ended 30 June 2024. The Group has not early adopted any
standard, interpretation or amendment that has been issued but is not yet effective.
Intangible assets and goodwill
Management and the Directors have considered whether there are any events or changes in circumstances since the signing of the
2024 financial statements that may be an impairment indicator as at 31 December 2024, having considered factors such as:
• The Group’s half year results;
• The premium of net assets to market capitalisation, noting that this market capitalisation excludes any control premium.
We have concluded that there are no material adverse events or changes in circumstances that would suggest there are any
material impairment indicators as at 31 December 2024.
Capital structure
As at 31 December 2024 the Group had negative working capital of $(2.0) million (31 December 2023: $25.1 million; 30 June 2024:
$21.0 million).
The directors are satisfied that there will be adequate cash flows generated from operating and financing activities to meet the
obligations of the Group for the foreseeable future from approving the consolidated interim financial statements, after taking into
consideration the current trading results and that the Group has available cash of $27.8 million and an undrawn banking facility of
$100 million at 31 December 2024 (refer note 6).
Programming rights inventory
The cost of television programme inventory is recognised as programming rights in the Consolidated Income Statement over
the period the Group utilises and consumes the programming rights, applying linear-broadcast and time-based methods of
amortisation depending on the type of programme right and taking into account the circumstances primarily as described below.
These circumstances may change or evolve over time and, as such, the Group regularly reviews and updates the method used
to recognise programming expense.
• Sports – the majority, or all of the cost, is recognised in the Consolidated Income Statement on the first broadcast or, where
the rights are for multiple seasons or competitions, such rights are recognised principally on a straight-line basis across the
contracted broadcast period or season.
• Movies – the cost is recognised in the Consolidated Income Statement on an “as played” basis and over the period for which
the broadcast rights are licensed.
• Pass through channels – the cost is amortised in the month of activity.
• Neon’s streaming content was previously amortised on a straight-line basis over the licence period. In the current year, the
streaming content amortisation methodology has been reviewed and updated to better reflect current viewership behaviour.
This represents a change in accounting estimate that have been adjusted prospectively, refer to note 8. The updated
methodology is:
–Neon’s New content
1
is amortised over 24 months, with 65% of the value expensed in the first 6 months, 15% in the
subsequent 6 months, and 20% in the second year.
–Neon’s Library content
2
which also includes Kids content and Sky Originals will continue to be amortised on a straight-line
basis over the term of the licence.
The Group regularly reviews its programming rights for impairment. Where programme broadcast rights are surplus to the Group’s
requirements, and no gain is anticipated through a disposal of the rights, or where the programming will not be broadcast for any
other reason, a write-down to the Consolidated Income Statement is made. Any reversals of inventory write-downs are recognised
as reductions in operating expense.
1. New is defined as any programming (whether part of a series or one-off, scripted or non-scripted) that meets both of the following requirements a) they
have not been previously made available in New Zealand (via any service, including Sky services) other than via home video, TVOD and EST; and b) the date
of first transmission on Neon is no later than 3 years after the worldwide premier date.
2. Library is any programming that does not fall within the definition of New.
Sky / 2025 Interim Report /p10

4. Segment and Revenue Information
The table below shows the disaggregation of the Group’s revenue from contracts with customers based on when revenue
is recognised for its principal revenue streams.
In NZD 000
Sky Box
subscriptions
Broadband
subscriptions
Streaming
subscriptions
Commercial
revenueAdvertisingOther revenue
Total
revenue from
contracts with
customers
For the six months ended 31 December 2024
Revenue from customers
239,32616,62361,7552 7, 2 9 929,9399,819384,761
Total revenue
239,32616,62361,7552 7, 2 9 929,9399,819384,761
Timing of revenue recognition
At a point in time
1,522 - - - 29,9394,33935,800
Over time
237,80416,62361,7552 7, 2 9 9 - 5,480348,961
239,32616,62361,7552 7, 2 9 929,9399,819384,761
For the six months ended 31 December 2023
Revenue from customers
253,03412,92259,6752 7, 1 9 529,36010,501392,687
Total revenue
253,03412,92259,6752 7, 1 9 529,36010,501392,687
Timing of revenue recognition
At a point in time
1,772 - - - 29,3604,31335,445
Over time
251,26212,92259,6752 7, 1 9 5 - 6,1883 5 7, 2 4 2
253,03412,92259,6752 7, 1 9 529,36010,501392,687
For the year ended 30 June 2024 (audited)
Revenue from customers
498,6682 7, 5 0 8110,39054,54853,59722,023766,734
Total revenue
498,6682 7, 5 0 8110,39054,54853,59722,023766,734
Timing of revenue recognition
At a point in time
3,055 - - - 53,59711,94368,595
Over time
495,6132 7, 5 0 8110,39054,548 - 10,080698,139
498,6682 7, 5 0 8110,39054,54853,59722,023766,734
Operating segments are reported in a manner consistent with the internal reporting provided to the Group’s executive team
who are the chief operating decision-makers. The Group’s executive team is responsible for allocating resources and assessing
performance of the operating segments. The Group operates in a single operating segment comprising the provision of sport,
entertainment media and telecommunications services in New Zealand.
5. Related Party Transactions
There were no loans to directors by the Group or associated parties at any of the reporting dates.
In NZD 000 31-Dec-2431-Dec-23
30-Jun-2024
(audited)
Income statement
Remuneration of key personnel
3,585 3,082 6,324
Directors’ fees
443 441 880
Total Related Party transactions through consolidated income statement
4,028 3,523 7, 2 0 4
Balance Sheet
Dividends paid to directors and key management personnel
147 76 154
Share based compensation reserve
176 58 181
Total Related Party transactions through consolidated balance sheet
323 134 335
In August 2023 the Group approved a long-term incentive plan and granted 408,415 share rights to executives of the Group under
the incentive plan. Each share right converts into one ordinary share of the Company on exercise. No amounts are paid or payable
by the recipient on receipt of the share right. The share rights carry neither rights to dividends nor voting rights.
In September 2024 the Group, granted further 388,742 share rights to executives of the Group under the incentive plan.
The share rights are separated into two tranches, one tranche which vests over a three year measurement period based on
achieving certain total shareholder returns. The second tranche vests over a three year measurement period base on achieving
total shareholder returns relative to other market participants on the NZX50. The executives must remain employed by the Group
over the vesting period.
The share rights represent an equity-settled share-based payment with market conditions. The share rights approved in
September 2024 had an estimated fair value of $501,477. The share rights approved in August 2023 had an estimated fair value
of $547,276. The fair values were determined using a monte-carlo simulation model and encompasses the market-based vesting
criteria. The key valuation assumptions are set out below:
Share based valuation assumptions September 2024 GrantAugust 2023 Grant
Grant date share price
$2.79$2.70
Expected volatility
2 7. 5 0 %33.70%
Maturity vesting date
3rd September 20274th September 2026
Dividend yield (over vesting period)
10.3%9.0%
Risk free rate
4.30%4.46%
The actual number of shares which ultimately vest will depend on performance over the measurement period. In the event
performance conditions are not met (or only partially met) then there is the potential for no share rights (or less than the total
allocated share rights) to ultimately vest. In such circumstance the total day one fair value would still be recognised over the
vesting period.
6. Interest Bearing Loans and Borrowings
Bank loans
On 29 July 2024 the Group renegotiated the bank facility with a syndicate of banks comprising Bank of New Zealand, Commonwealth
Bank of Australia and Westpac New Zealand Limited securing a facility of $100 million ending on 30 September 2027. The full
facility remained undrawn at 31 December 2024.
The facility arrangements (together with certain hedging arrangements) take the benefit of shared security granted by certain
members of the Group, including:
• a general security deed granted by each of Sky Network Television Limited, Sky Network Services Limited and Sky Investment
Holdings Limited;
• real property mortgages granted over certain real property interests of Sky Network Television Limited.
As is customary for facilities of this nature, the loan facility is subject to certain covenant clauses whereby the Group is required
to meet certain key financial ratios and other performance indicators.
There have been no breaches of covenant clauses in the 6 month period to 31 December 2024 and no breaches are anticipated
within the next 12 months.
Bank overdrafts of $285,000 (31 December 2023: $576,000; 30 June 2024; $33,000) have been set off against cash balances.
Sky / 2025 Interim Report /p11

7. Capital Expenditure
The Group acquired the following property, plant and equipment (PPE) and intangibles during the period:
In NZD 000
31-Dec-2024
(6 months)
31-Dec-2023
(6 months)
30-Jun-2024
(1 year)
(audited)
Capital projects in progress (includes PPE & Intangibles)
1 7, 7 1 08,3665,235
Land and buildings
686191,538
Broadcasting and studio equipment
7-6,413
Plant, equipment and other
100752,199
Subscriber equipment
11,2511 7, 0 6 134,897
Installation costs
6,6296,05411,758
Intangibles
7, 4 3 55,33520,911
43,81836,91082,951
Movement in capital expenditure creditors
(3,036)4,5015,756
Cash outflow in the period
40,78241,41188,707
8. Programme Rights Inventory
In NZD 000 31-Dec-202431-Dec-2023
30-Jun-2024
(audited)
Opening balance
125,644134,812134,812
Acquired during the period
143,982159,315335,548
Charged to programming expenses
1
(202,859)(174,006)(344,716)
Balance at end of period
66,767120,121125,644
1. Represents programming rights costs only, excluding production and programming operations costs of $24.8 million.
Consistent with the Group’s policy to regularly review the method used to recognise programming expense, Neon streaming
content, which has previously been amortised on a straight-line basis over the licence period, has been updated to better reflect
the Group’s understanding of current viewership behaviour. This represents a change in accounting estimate that has been
adjusted prospectively.
As a result of the change in amortisation methodology for Neon streaming content, an accelerated amortisation charge of $18.3
million (including SoHo accelerated amortisation) is recognised in the current period.
9. Lease Liabilities
This note provides information for leases where the Group is a lessee.
In NZD 000 TransmissionPropertyEquipment
Motor
vehiclesTotal
For the six months ended 31 December 2024
Balance at 1 July 2024
2,8711 7, 6 1 64,225-24,712
Additions for the period
1
36,780183,07813340,009
Lease modifications/reassessments
2
(23,999)---(23,999)
Terminations
--(1)-(1)
Add interest for period
76453810021,404
Less repayments
(10,654)(1,432)(3,787)(20)(15,893)
Foreign currency revaluation
717-26-74 3
Balance at 31 December 2024
6,47916 ,74 03,64111526,975
Current
6,4792,8522,1726611,569
Two to five years
-10,0661,4694911,584
More than five years
-3,822--3,822
Balance at 31 December 2024
6,47916 ,74 03,64111526,975
For the six months ended 31 December 2023
Balance at 1 July 2023
19,51020,4139,388249,313
Additions for the period
-35151-186
Terminations
-(175)--(175)
Add interest for period
472613176-1,261
Less repayments
(10,778)(1,528)(3,607)(2)(15,915)
Foreign currency revaluation
(183)-(136)-(319)
Balance at 31 December 2023
9,02119,3585,972-34,351
Current
9,0215,0605,220-19,301
Two to five years
-9,248752-10,000
More than five years
-5,050--5,050
Balance at 31 December 2023
9,02119,3585,972-34,351
For the year ended 30 June 2024 (audited)
Balance at 1 July 2023
19,51020,4139,388249,313
Additions for the period
-491,626-1,675
Lease modifications and terminations
-(175)78-(97)
Add interest for period
6641,172313-2,149
Less repayments
(17,860)(3,843)(7,186)(2)(28,891)
Foreign currency revaluation
557-6-563
Balance at 30 June 2024
2,87117, 6 1 64,225-24,712
Current
2,8712,7333,731-9,335
Two to five years
-9,600494-10,094
More than five years
-5,283--5,283
Balance at 30 June 2024
2,87117, 6 1 64,225-24,712
1. On 1 September 2024, the Group recognised a new lease reflecting its satellite arrangements commencing from that date, with a lease term ending
on 31 December 2026.
2. On 31 December 2024, as a result of the renegotiation of the satellite transmission services agreement, the satellite lease was subsequently modified
to have a lease term ending on 30 April 2025, by which time Sky expects to have transitioned to a new satellite.
In the current period ending 31 December 2024 Other Income includes a gain from the modification of a transmission lease
of $4,923,000.
The Group leases various properties, transmission equipment, motor vehicles and sundry equipment. Rental contracts terms vary
in length between one and ten years with some leases containing renewal options at the Group’s discretion. Sky reviews leases
on an operation requirements basis and assesses renewal options in the lease term where it is reasonably certain that the lease
will be beneficial to the Group.
Sky / 2025 Interim Report /p12

For higher value contracts the Group adjusts the borrowing rate after considering the effect of the lease term, the currency and
value of the lease, any security given, and the economic environment in which the Group operates.
For leases where there are renewal options, the lease payments may change. When lease payments are adjusted, the lease liability
is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost.
The finance cost is charged to profit or loss over the lease period.
Key estimates and judgements
Determining the lease term
In determining the lease term, management considers all facts and circumstances that create an economic incentive to
exercise a renewal option or termination option. Renewal or termination options are only included in the lease term if the option
is reasonably certain to be exercised.
Most of the Group’s property leases contain renewal options, and generally where it is likely that these options will be
exercised, they have been included in the calculation of the lease liability. Management reassesses the likelihood of exercising
termination options at each reporting date or when there is any significant change in circumstances. Any changes in the lease
term or value affect the valuation of the liability and the right-of-use asset and are adjusted accordingly.
Reassessment of transmission lease
On 1 September 2024 the Group performed a reassessment of its current satellite lease, modifying the lease term to
31 December 2026. In December 2024 the Group entered into renegotiations for the satellite transmission services. The
negotiations resulted in a modification of the current lease from 31 December 2026 to 30 April 2025, reflecting the present
value of the lease liability based on the appropriate discount rate and agreed payment terms. These changes are reflected in
the Transmission Lease liability in the table above. The directors are comfortable that Sky continues to have access to satellite
transmission services required in order to deliver content to its customers now and in the foreseeable future based on the most
recently renegotiated satellite transmission agreement and intended future satellite arrangements.
10. Fair Value Measurement of Financial Instruments
The Group’s activities expose it to a variety of financial risks that include market risk (currency risk, fair value interest rate risk,
cash flow interest rate risk and price risk), credit risk and liquidity risk.
The consolidated interim financial statements do not include all financial risk management information and disclosures required
in the annual financial statements. They should be read in conjunction with the Group’s annual financial statements as at 30 June
2024. There have been no changes in any risk management policies since 30 June 2024.
Financial assets of the Group include cash and cash equivalents, trade and other receivables and financial assets at fair value
through other comprehensive income (OCI) (unquoted investments held for disposal and derivative financial assets). Financial
liabilities of the Group include trade and other payables, interest bearing loans and borrowings, lease liabilities, contingent
consideration and derivative financial liabilities. The Group does not hold or issue financial instruments for trading purposes.
The fair value of each financial instrument is categorised in its entirety based on the lowest level of input that is significant to that
fair value measurement. The levels are defined as follows:
Level 1: Quoted prices (unadjusted) in active market for identical assets and liabilities.
Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: Inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs), for example
discounted cash flow.
Sky’s financial assets and liabilities carried at fair value are valued on a level 2 basis.
Classification of financial instruments
The following table presents the Group’s financial assets and liabilities according to classifications:
In NZD 000
31-Dec-202431-Dec-202330-Jun-2024 (audited)
Carrying
amountFair value
Carrying
amountFair value
Carrying
amountFair value
Financial assets at amortised cost
Cash and cash equivalents
2 7, 7 5 32 7, 7 5 34 7, 3 7 64 7, 3 7 63 7, 7 9 93 7, 7 9 9
Trade and other receivables
38,65838,65842,73642,73658,43158,431
Financial assets at fair value through
profit or loss
Derivatives designated as hedging instruments
(cash flow hedges)
10,53610,5363163162,3962,396
Derivatives not designated as hedging
instruments
1,4581,45877143143
78,40578,40590,43590,43598,76998,769
Financial liabilities at amortised cost
Lease liabilities
26,9752 7, 1 2 834,35134,34624,71224,703
Trade and other payables
86,05886,05895,18995,189123,301123,301
Financial liabilities at fair value through OCI
Derivatives designated as hedging
instruments (cash flow hedges)
3383387, 9 0 17, 9 0 1 2,149 2,149
Derivatives not designated as hedging
instruments (fair value hedges)
5295291,5651,565 636 636
113,900114,053139,006139,001150,798150,789
Prepaid expenses, deferred revenue, unearned subscriptions, tax payables and employee benefits do not meet the definition of
a financial instrument and have been excluded from the “Trade and other receivables” and “Trade and other payables” categories
above. Due to their short-term nature, the carrying amounts of cash and cash equivalents, trade and other receivables and trade
and other payables is assumed to approximate their fair value.
The fair value of forward foreign exchange contracts is based on market forward foreign exchange rates at period end. Deferred
hedging losses/gains in OCI result from the foreign currency exchange movement in the Group’s hedging of USD and AUD
programme rights, capital expenditure and lease exposures.
The fair value of loans from banks and lease liabilities is estimated on a level 3 basis by discounting future cash flows using rates
currently available for debt on similar terms, credit risk and remaining maturities.
Sky / 2025 Interim Report /p13

11. Commitments
In NZD 000 31-Dec-202431-Dec-2023
30-Jun-2024
(audited)
Lease commitments
Year 1
5,476 4,498 10,371
Year 2
22,005 12,597 16,851
Year 3
20,357 19,380 18,047
Year 4
1 7, 0 2 8 16,135 16,398
Year 5
16,468 16,135 16,398
Later than 5 years
30,878 46,387 39,628
112,212 115,132 1 17, 6 9 3
Future programming commitments
Year 1
300,637312,462343,919
Year 2
125,004239,467201,370
Year 3
85,40279,201109,866
Year 4
28,3636 7, 6 3 15 8 ,741
Year 5
4,67919,38314,585
Later than year 5
- 13,5078,714
544,085731,6517 3 7, 1 9 5
12. Earnings Per Share
Basic and diluted profit per share
31-Dec-202431-Dec-2023
30-Jun-2024
(audited)
Profit after tax attributable to equity holders of the parent (NZD 000)
(1,958)28,84848,964
Weighted average number of ordinary shares on issue (thousands)
137,67514 3 ,74 6142,169
Basic and diluted earnings per share (cents)
(1.42)20.0734.44
31-Dec-202431-Dec-2023
30-Jun-2024
(audited)
Issued ordinary shares at the beginning of period/year
137,675,010143,852,496143,852,496
Ordinary share buyback
- (450,868)(6,177,486)
Total number of shares on issue
137,675,010143,401,628137,675,010
Weighted average number of ordinary shares on issue
137,675,0101 4 3 ,74 5 ,617142,168,914
13. Share Capital
31-Dec-2431-Dec-2330-Jun-24
Number
of shares
(000)
Ordinary
shares
(NZD 000)
Number
of shares
(000)
Ordinary
shares
(NZD 000)
Number
of shares
(000)
Ordinary
shares
(NZD 000)
Shares on issue at beginning of year
137,675 676,755 143,852 693,720 143,852 693,720
Share Buyback
1
- - (451) (1,237) (6,177) (16,965)
1 3 7, 6 75 676,755 143,401 692,483 1 3 7, 6 75 676,755
1. The share buyback includes $34,000 of transaction costs for the 12 months to 30 June 2024 and $2,000 for 6 months to 31 December 2023.
On 6 April 2023 Sky commenced an on market share buyback for a maximum aggregate of $15 million in purchase price
over a period of up to 12 months. At 30 June 2023 1,720,695 shares had been acquired at an average price of $2.61 and total
consideration of $4,489,781. In the six months to 31 December 2023, 450,868 shares were acquired under this programme at an
average price of $2.67 and total consideration of $1,236,840. At the completion of the programme on 31 March 2024 a total of
5,275,745 shares had been acquired for total consideration of $14,263,247.
On 1 April 2024 the Company commenced a new on market share buyback programme for a maximum aggregate of $15 million
in purchase price over a period of up to 12 months. At 30 June 2024 2,622,436 shares had been acquired at an average price of
$2.73 and total consideration of $7,157,168. For the six months to 31 December 2024, there were no shares acquired on market.
Shares bought back were cancelled upon acquisition, with the number of shares on issue reducing accordingly.
14. Contingent Liabilities
The Group is subject to litigation incidental to its business, none of which is expected to be material. No provision has been made
in the Group’s interim financial statements in relation to its ongoing litigation and claims. The directors believe that such litigation
and claims will not have a significant effect on the Group’s financial position, results of operations or cash flows.
15. Subsequent Events
Interim dividend
On 20 February 2025 the Board of Directors resolved to pay a fully imputed interim dividend of 8.5 cents per share with the record
date being 7 March 2025. A supplementary dividend of 1.5 cents per share will be paid to non-resident shareholders subject to the
foreign investor tax credit regime.
Sky / 2025 Interim Report /p14

PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, www.pwc.co.nz
Independent auditor’s review report
To the shareholders of Sky Network Television Limited

Report on the consolidated interim financial statements
Our conclusion
We have reviewed the consolidated interim financial statements of Sky Network Television Limited
(the Company) and its subsidiaries (the Group), which comprise the consolidated interim balance
sheet as at 31 December 2024, and the consolidated interim statement of comprehensive income, the
consolidated interim statement of changes in equity and the consolidated interim statement of cash
flows for the six months ended on that date, and selected explanatory notes.
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying consolidated interim financial statements of the Group do not present fairly, in all
material respects, the financial position of the Group as at 31 December 2024, and its financial
performance and cash flows for the six months then ended, in accordance with International
Accounting Standard 34 Interim Financial Reporting (IAS 34) and New Zealand Equivalent to
International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements
2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity
(NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor’s responsibilities for
the review of the consolidated interim financial statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New
Zealand relating to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements. In our capacity as auditor our firm
provides review, other assurance and agreed-upon procedures. In addition, certain partners and
employees of our firm may deal with the Group on normal terms within the ordinary course of trading
activities of the business. The firm has no other relationship with, or interests in, the Group.
Responsibilities of the Di rectors for the consolidated interim financial statements
The Directors of the Company are responsible on behalf of the Company for the preparation and fair
presentation of these consolidated interim financial statements in accordance with IAS 34 and NZ IAS
34 and for such internal control as the Directors determine is necessary to enable the preparation and
fair presentation of the consolidated interim financial statements that are free from material
misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the consolidated interim financial statements
Our responsibility is to express a conclusion on the consolidated interim financial statements based on
our review. NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our
attention that causes us to believe that the consolidated interim financial statements, taken as a whole,
are not prepared in all material respects, in accordance with IAS 34 and NZ IAS 34.
A review of consolidated interim financial statements in accordance with NZ SRE 2410 (Revised) is a
limited assurance engagement. We perform procedures, primarily consisting of making enquiries,
primarily of persons responsible for financial and accounting matters, and applying analytical and other
review procedures. The procedures performed in a review are substantially less than those performed
in an audit conducted in accordance with International Standards on Auditing and International
Standards on Auditing (New Zealand) and consequently does not enable us to obtain assurance that
we might identify in an audit. Accordingly, we do not express an audit opinion on these consolidated
interim financial statements.


PwC 2
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our review work has been
undertaken so that we might state those matters which we are required to state to them in our review
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s shareholders, as a body, for our
review procedures, for this report or for the conclusion we have formed.

The engagement partner on the review resulting in this independent auditor’s review report is
Richard Day.


For and on behalf of:






PricewaterhouseCoopers Auckland
20 February 2025

Sky / 2025 Interim Report /p15

Directors
Philip Bowman (Chair)
Keith Smith (Deputy Chair)
Dame Joan Withers
Michael Darcey
Mark Buckman
Belinda Rowe
Officers
Sophie Moloney Chief Executive
Andrew Hirst Interim Chief Financial Officer
Jonny Errington Chief Content and Commercial Officer
Ant Dureau Interim Chief Customer Officer
Chris Major Chief Corporate Affairs Officer
Lauren Quaintance Chief Media and Data Officer
Antony Welton Chief Operations and People Officer
Kym Niblock Chief Digital and Technology Officer
Kirstin Jones Company Secretary
New Zealand Registered Office
10 Panorama Road, Mt Wellington,
Auckland 1060, New Zealand
Tel: +64 9 579 9999 Fax: +64 9 579 8324
Website: sky.co.nz
Australian Registered Office
c/- Baker McKenzie
Tower One – International Towers Sydney
Level 46, 100 Barangaroo Avenue,
Sydney, NSW 2000, Australia
Tel: +61 2 9230 4000
Fax: +61 2 9230 5333
Auditors to Sky
PricewaterhouseCoopers
Level 27, PwC Tower
15 Customs Street West, Auckland 1010
Tel: +64 9 355 8000
Fax: +64 9 355 8001
Solicitors to Sky
Buddle Findlay
Level 18, HSBC Tower
188 Quay Street
Auckland 1010, New Zealand
Tel: +64 9 358 2555
Fax: +64 9 358 2055
Chapman Tripp
Level 34, PwC Tower
15 Customs Street West, Auckland 1010
Tel: +64 9 357 9000
Fax: +64 9 357 9099
Baker McKenzie
Tower One – International Towers Sydney
Level 46, 100 Barangaroo Avenue,
Sydney, NSW 2000, Australia
Tel: +61 2 9225 0200
Fax +61 2 9225 1595
Directory
Sky / 2025 Interim Report /p16

---

© SKY 2021
21 February 2025
Sky Network Television
Results Presentation
For the six months ended31 December 2024

© SKY 2023P
2
Agenda
‣HY25 Overview
‣Satellite Migration Update
‣Operational Performance
‣Financial Performance
‣Outlook and Guidance
‣Questions

© SKY 2021
Results Presentation
For the six months ended 31 December 2024

Page 3
REVENUE(Adj
1
)
$385.0m -2.0%
Reported: $384.8m -2.0%
NPAT (Adj)
$10.9m -62.3%
Reported: ($1.7m) -106.0%
CAPEX (Adj)
38.5m +4.4%
Reported: $43.8m +18.7%
EBITDA (Adj)
$60.7m -25.6%
Reported: $43.2m -47.1%
Free Cash Flow (Rep/Adj)
$7.5m +9.4%
INTERIM DIVIDEND
8.5cps +21.4%
Results Summary
1. Information on adjustments is available on slide 18 and page 6 of Sky’s 2025 Interim Report
Underlying results consistent with performance at the lower end of existing guidance reflecting
reprioritisation for migration; economic headwinds and costs heavily weighted to H1
►Satellite migration has been and remains
the number one priority. Accelerated
migration timeframe interrupted
planned projects, including revenue
generating initiatives
►Programming costs are heavily weighting
to H1, and will be broadly flat YoY for
FY25
►Results are adjusted for one-offs. In all
cases, the dividend is protected
►Sky’s strategy and business model
remain sound; positive trends evident
►Outside of Revenue, Sky remains on track
to deliver against 3-year targets
including 30 cps dividend

© SKY 2021
Results Presentation
For the six months ended 31 December 2024

Page 4
Satellite Migration
Project Milestones
✓Migration pathway confirmed to
preferred satellite ensuring lower
risk, lower cost and smoother
customer transition (27 Jan)
✓Satellite in position
at 160
o
East (11 Feb)
✓Configuration and testing
underway (11 Feb)
•Test channel launch (late Feb)
•Uplink service configuration
underway (mid-March)
•Switchover to new satellite
completed in early April
Recent Actions to Improve Customer Experience
•Additional steps have improved D2 performance and mitigating eissues. 31% reduction in
technical calls since January highs
•New IP switchover functionality mitigates rain fade events for customers using the new Sky
Box (11 Feb)
•Customer Care numbers increased, and in‐field service capacity more than doubled,
recognising in some cases customer service has fallen short of the standards we endeavor to
deliver
•Customers impacted by prolonged signal disruption have been provided credits
Financial Impacts
•Support agreements in place with Optus largely off-set capex through cash leasing lines by
FY26
•Additional support agreed in principle for incremental revenue and cost impacts resulting from
accelerated expiration of D2 (e.g. customer credits, additional resourcing and tech call-outs)
•While some uncertainty remains, the positive impact of confirming the preferred satellite
option, additional unanticipated impacts due to signal disruption, and confirmation of
additional support from Optus, Sky remains confident the programme will be largely cash
neutral
While inherent risk remains, we are on track for early April migration to preferred
satellite; support agreements expected to largely off-set incremental costs

© SKY 2021
Commercial
2.4 Million
VIEWERS
MONTHLY
1
1.9 Million
VIEWERS
MONTHLY
3
1 Million
VIEWERS
MONTHLY
2
6k
CUSTOMERS
2.6m
FOLLOWERS
4
ACROSS CHANNELS
Sky’s Multi- platform strategy
Providing choice for customers and an attractive opportunity for content partners and
advertisers, while maximising the value of our unrivalled content
1: Nielsen TAM, AP5+, Sky Pay, Average Monthly Reach, July to Dec 2024, Consolidated data. 2.Nielsen CMI Q4 2023 – Q3
20243.Nielsen TAM, AP5+, Sky Open Network, Average Monthly reach July to Dec 2024, Consolidated data. 4. Sprout Social Report
Sky Social Media
Free to Air
Sky Box and Sky Pod
Page 5
Results Presentation
For the six months ended 31 December 2024

Streaming

© SKY 2021
CONTENT WINS & RENEWALS
Strong Content Slate in H1
BBC
POPULAR WITH SPORTS FANS
MUST WATCH SHOWS
BLOCKBUSTER MOVIES
WBD
A- Leagues Football
BCCI Cricket

© SKY 2021
Unrivalled Content slate in H2
Great start to H2 and a strong lineup throughout
Strong schedule of new and returning content
Page 7
Results Presentation
For the six months ended 31 December 2024

© SKY 2021
Operational
Performance

© SKY 2021
Results Presentation
For the six months ended 31 December 2024

Page 9
255
255
253
246
240
$81
$81
$83
$84
$84
H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25
ADJUSTED SKY BOX REVENUE
1
($m) & ARPU
Sky Box and Sky Pod
Strong take-up of new products and customer decline slowed
1. H1 FY25 Revenue is adjusted by $0.2m, related to satellite migration. Sky Box and Sky Pod access fee
is included in Revenue but excluded from ARPU. 2. Sky Box ARPU is monthly average revenue calculated
as the average for the period. 3. 3 month rolling at 31-12-2024. 4. Sports pack increased in Feb 2024.
Entertainment pack net increase in October 2023.
•30%+ penetration of new products to 141k from 100k at FY24 (126k Sky Box
/ 15k new Pod. Total new devices including multiroom of 157k (136k Box / 21k
Pod)
•Strong NPS rise for Box customers
3
and highest for customers with a new
Sky Box (+10pts YoY and 10pts above classic Sky Box)
•2% ARPU growth (+$1.57) through Sports and Entertainment pack
increases
4
and growth in average monthly sport penetration to 73%,
outpacing spin-down in non-sport packs/add-ons and increased foregone
revenue (up YoY although well down against earlier periods)
•Revenue reduced largely due to lower opening customers following H2 2024
economic headwinds and delay of initiatives due to project migrate
Customer decline has now slowed towards previous run-rate
^ H2 FY23 included migration of 17k VTV customers
Updated 30 Jan
-5%
Sky Box/Pod
Closing base
Customer Trend
H2 FY22
H1 FY23
H2 FY23^
H1 FY24
H2 FY24
H1 FY25
530
517
515
501
479
465
(15)
(13)
(2)
(14)
(21)
(14)
517
469
441
380
324
46
60
100
141
517
515
501
479
465
H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25
SKY BOX/POD CUSTOMERS (000)
Classic Sky BoxNew Sky Box & Sky Pod
30%+

© SKY 2021
Results Presentation
For the six months ended 31 December 2024

Page 10
Sky Box and Sky Pod
25% fewer disconnections than H2 FY24 marks a return to run-rate churn levels
•Activation levels maintained and now with 20% Sky Broadband
attachment at acquisition (from 14% in H1 FY24)
•Significant improvement in retention against H2 FY24 and improved year-
on-year, through strong focus on save initiatives and lower levels of price-
linked disconnections
•Annualised churn normalises to 10.3% following spike in H2 FY24. Improved
result across all tenure groups, including 33% improvement in year 1 churn
•83% of customers have 5+ years tenure and very low churn of 8%
(consistent with year-on-year run-rate)
9.8%
10.9%
9.8%
13.2%
10.3%
0%
10%
20%
30%
40%
H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25
CUSTOMER CHURN BY TENURE
0-1 Years1-4 Years5+ YearsTotal
4% of base
83% of base
13% of base
13
10
11
11
10
17
(26)
(28)
(25)
(32)
(24)
H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25
ACTIVATIONS / DISCONNECTIONS (000)
ActivationsMigrated from VTVDisconnections

© SKY 2021
Results Presentation
For the six months ended 31 December 2024
Page 11
124
140
148
171
209
168
150
206
160
173
H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25
SKY SPORT NOW CUSTOMERS
2

SSN Win-back poolSky Sport Now
22
21
32
26
37
$36
$37
$40
$42
$44
$33
$35
$37
$39
$41
$43
$45
$47
$49
H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25
SKY SPORT NOW REVENUE ($m) AND ARPU
1
Streaming – Sky Sport Now
14% revenue growth and 6% increase in unique customers, through
consistent, high value content
•Significant revenue and ARPU growth (ARPU+11%, $4.63), driven by:
−continued strong content, recognising the prior H1 period included 5 world
cup events, including Rugby World Cup
−Strong Olympic pass sales early in H1 FY25
−Sports price increases for Weekly (Aug 2023), Monthly (Feb 2024 and
Annual passes (July 2024)
•New digital revenue stream through Digital Ad Insertion from Oct 2024
recognised in Advertising revenue
•Increase Monthly Pass sales expected following removal of Weekly pass from
Jan 2025 with encouraging conversion of these customers to Monthly
•10% Price rise from 19 March 2025 on Monthly and Annual passes

1. ARPU is based on recurring subscribers (removing the impact of transactional passes), includes PPV
2. Sky Sport Now customers reported on a 90-day lookback basis The win-back pool includes
customers that have subscribed to Sky Sport Now in the past 18 months but were not included in the
active base at the end of the period.
-16%
+14%

© SKY 2021
Results Presentation
For the six months ended 31 December 2024
Page 12
179
214
263
288
255
318
318
277
258
264
H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25
NEON CUSTOMERS (000)
NEON Win-back poolNEON
27
29
27
25
25
$15
$15
$15
$16
$16
12.0
13.0
14.0
15.0
16.0
17.0
18.0
19.0
H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25
NEON REVENUE ($m) AND ARPU
Streaming - Neon
Returned to customer growth in first half, supported by strengthening
content pipeline
•Neon delivers 2.2% customer growth HoH, supported by strengthened
content pipeline across acquisition driving titles, expanded library (doubled to
10,000 hours) and launch of dedicated Max hub (Oct 2024).
•Growth in Basic with Ads tier to 19% from 14%, providing secondary digital
revenue stream recognized in Advertising
•Revenue result largely reflects a 16% difference in average customer base
between H1 FY25 and H1 FY24
•ARPU growth of 8% (+$1.22) reflects price rise for Standard tier (Jan 2024)
and product mix, noting no change to pricing of Basic with Ads tier in
conjunction with Jan 2024 introduction of digital advertising
1. The win-back pool includes customers that have subscribed to Neon as a direct customer in the past
18 months but were not included in the active base at the end of the period.
Updated 13 Jan
-9%
-4.7%
1
+2.2%
-1%

© SKY 2021
Results Presentation
For the six months ended 31 December 2024
Page 13
23
26
30
36
44
H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25
BROADBAND CUSTOMERS (000)
9
11
13
15
17
$71
$73
$76
$74
$69
30
80
130
180
0
5
10
15
20
H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25
BROADBAND REVENUE
1
($m) AND ARPU
Sky Broadband
45% customer growth as Sky Broadband builds scale
•Customer growth accelerated through effective campaigns and bundling
options. Leveraging product innovation and support from partners to
underpin H2 campaigns
•Sky Box attachment reached 9% and delivered 10% churn improvement for
bundled customers with 1-4 year Box tenure and 23% improvement for
customers with 5+ years Box tenure with these groups making up 96% of the
Sky Box base
•Fibre Pro (1GB) penetration remains high at 45%, although down from 50%
in the prior period. Fibre Starter (50Mbps) penetration increased to 23%
(from 9%) with some impact on ARPU. Margin has reduced due to mix and
discounting but with support from partners recognised as an offset against
cost
1. Includes add-ons such as land line, calling plans, Wi-Fi boosters and static IP fees.
+29%
Updated 13 jan
+45%

© SKY 2021
Results Presentation
For the six months ended 31 December 2024
Page 14
27
27
27
27
27
0
0
0
0
0
0
0
0
0
0
5
10
15
20
25
30
H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25
COMMERCIAL REVENUE ($m)
Commercial
Delivers consistent performance in a challenging environment
•3% Revenue growth in Hospitality sector offsets softer Accommodation
result and flat Retail
•Strengthened Accommodation offer gaining traction with bespoke bundle
including in-room compendium service, guest casting service and TV package
adding value to Sky’s content bundle
•20% growth in Believe It or Not revenue through digital product innovation -
value add opportunity for Hospitality customers
+0.4%

© SKY 2021
Results Presentation
For the six months ended 31 December 2024
Page 15
26
22
29
24
30
9.7%
10.1%
13.4%
11.6%
14.0%
H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25
ADVERTISING REV ($m) and REV SHARE
1
(%)
+2.0%
274
213
232
187
205
13.3%
-22.2%
9.0%
-19.2%
9.7%
-100.0%
-50.0%
0.0%
50.0%
100.0%
0
50
100
150
200
250
300
H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25
TOTAL MARKET REVENUE ($m) AND HoH CHANGE
1
(%)
Advertising
Strong performance as strategic focus on growing Advertising continues
to deliver results
•Record 14% share in this high margin revenue pool, representing a 39%
increase since accelerating focus on advertising. Momentum continues to
build with strong customer demand
•Revenue growth of 2% achieved against a backdrop of 11.4% total market
revenue decline, including Olympic revenue more than twice that of recent
comparable Games, and significant growth in integration and sponsorships
•Launch of Sky Sport Now Dynamic Ad insertion (DAI) in Q1 to strong
demand for this high-attention content opportunity. Revenue contribution
expected to lift in H2 through progressive roll-out to additional devices. Sky
Go launch (rescheduled due to satellite migration), is expected in H1 FY26
DIGITAL REVENUE STREAMS
Launched Jan 24 Launched Oct 24 Scheduled H1 FY26
1.. Source: PwC Quarterly Performance Comparison Report
-11.4%

Financial
Performance

© SKY 2021
Results Presentation
For the six months ended 31 December 2024

Page 17
Financial Performance
First half result reflects some revenue softness, and programming costs
significantly weighted to H1
•Result reflects revenue impacts from delayed initiatives due to focus
on satellite migration and economic headwinds, combined with
programming costs heavily weighted to H1
•First half numbers include four categories of one-off items which are
excluded from Adjusted numbers:
−Satellite migration: revenue and cost impacts resulting from the
migration to the new satellite
−Organisational transformation: costs resulting from
organisational change
−Accelerated content amortisation: resulting from a change in
amortisation methodology
−Lease modification: benefit to Other Income resulting from a
modified satellite lease term
1. Revenue excludes Other Income of $6.3m. 2. Information on Adjustments is available on slide 18 and in page
6 of Sky’s 2025 Interim Report
$m
H1 FY25
Reported
H1 FY25
Adjusted
2
H1 FY24
Reported
% change
Adjusted
2
Revenue
1
384.8385.0392.7-2.0%
Operating Expenses347.9325.6311.1+4.6%
EBITDA43.260.781.7-25.6%
Depreciation &
Amortisation
43.143.141.24.5%
Net Profit after Tax(1.7)10.929.0-62.3%
Capex43.838.536.94.4%
Free cash flow before
distributions
7.56.8+9.4%
Dividend8.5cps7.0cps+21.4%

© SKY 2021
Page 18
Results Presentation
For the six months ended 31 December 2024
Summary of adjustments
To enable a like for like comparison of Sky’s underlying results
Adjustments
H1 FY25
Description
Revenue and Other
Income
($4.7m)
•$0.2m Revenue impact resulting from customer discounts due to service interruptions
•($4.9m) one-off, non-cash benefit to Other Income resulting from a modified (shortened) lease term for the
existing satellite lease
Operating
Expenses
$22.3m
•$18.3m non-cash acceleration of content amortisation due to change in methodology for Neon. Recognised in the
programming costs line, and includes accelerated amortisation of Warner Bros. Discovery content (as advised on
22 Oct 2024)
•$2.8m one-off transformation costs largely reflects redundancy.
•$1.1m Opex impact from satellite migration, including increased costs associated with additional Care Centre
staffing, consultancy costs and marketing
Net Profit after
Tax
$12.6m
•After tax effect of the revenue, other income and operating expense adjustments
Capex
$5.3m
•$4.7m impact for satellite migration Capex includes technology infrastructure, capitalised installation costs from
customer tech visits and equipment costs, which are largely offset by support from Optus coming through the
leasing cashflow line
•$0.6m accelerated Capex for new devices

© SKY 2021
Results Presentation
For the six months ended 31 December 2024

Page 19
255
255
253
246
239
52
51
60
51
62
27
27
27
27
27
26
22
29
24
30
9
11
13
15
17
10
10
11
12
10
379
376
393
374
385
H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25
REVENUE
1
($m)
Sky BoxStreamingCommercial
AdvertisingBroadbandOther
Revenue
Growth engines of Streaming, Advertising and Broadband deliver 6%
growth YoY, and 21% against H2 FY24, as a partial offset for Box decline
1. Revenue excludes Other Income of $6.3m. 2. Sky Box revenue is shown as adjusted. Please see
adjustment details on slide 18.
•Revenue softened as previously signalled, due to the delay of revenue
generating initiatives, economic headwinds, and slightly lower average
customer numbers year on year
•Sky Box: decline was weighted to H2 FY24 (-$7.4m vs -$6.1m in H1 FY25)
•Streaming: revenue growth story continues, driven by 14% increase for
Sky Sport Now
•Advertising: growth of 2% includes additional diversity from digital
revenue across both Streaming platforms
•Broadband: increased momentum with 29% revenue growth
•Commercial: delivered consistent performance 0.4% increase
Updated 14 Jan
-2%
+3%

© SKY 2021
Results Presentation
For the six months ended 31 December 2024

Page 20
Expenses
Significantly weighted to H1 FY25 due to programming costs; expected
to reverse in H2, returning to run-rate levels by the end of FY25
•Programming net increase of $12m YoY due to 1H timing of rights and
production costs for the Olympics, All Blacks matches (inbound tour,
Rugby Championship and northern tour, all of which were either
abbreviated, or did not happen, in the prior period due to the RWC),
event timings and the expanded BBC renewal
•These increases were partially offset by:
-Non-repeated events from prior period including World Cup
tournaments (FIFA, ICC ODI)
-Positive impacts of data driven content choices
-Reduced fees negotiated at renewals
-Production and technology efficiencies
•Subscriber Related cost reduction of $1m relates to lower people and
contractor costs, partially offset by higher acquisition marketing spend
•Broadcasting & Infrastructure increase of $5m includes cost of growth
in Broadband and Streaming customer growth.
•Other cost reductions of $1m included lower consultancy fees, partially
offset by continued investment in strategic focus areas of advertising
and people

196
188
198
194
209
44
49
40
41
39
38
41
44
43
49
28
24
29
26
28
307
302
311
303
326
-
50
100
150
200
250
300
350
-
50
100
150
200
250
300
350
H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25
ADJUSTED OPERATING EXPENSES ($m)
ProgrammingSubscriber Related
Broadcasting & InfrastructureOther

© SKY 2021
Results Presentation
For the six months ended 31 December 2024

Page 21
14
16
11
18
18
26
21
26
24
21
5
5
40
37
37
46
44
H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25
CAPITAL EXPENDITURE ($m)
Enhance and MaintainGrowSatellite Migration
Capital Expenditure
Investment in growth focused capex spending continues, alongside
satellite migration spend
•Investment in growth focused capex accounted for 53% of the non-
migration spend. This included:
-Purchase of new Sky Box and Pod devices to meet customer
demand, following the initial inventory build
-Installations and equipment associated with new customer
acquisitions
-Software driven feature releases for Sky products, and
-Investment in Advertising technology to support digital revenue
growth (e.g. Dynamic Ad Insertion)
•Enhance and Maintain spend included platform enhancements,
transmission equipment (including some brought forward due to
satellite migration), system upgrades, and digital and data capability
enhancements
•Satellite migration capex included capitalised installation costs from
customer tech visits and dish hardware, and equipment and software
infrastructure to support the migration
•Spending will continue in H2 FY25 ahead of migration in April. Full year
migration capex is still expected to be within the $10-$20 million range
previously advised, albeit towards the upper end
H1 FY23
H2 FY23H1 FY24H2 FY24H1 FY25
CAPEX /
Revenue %
11%10%9%12%11%
Growth
Spending
1
%
65%57%71%57%53%
53%
1
1. H2 FY24 and H1 FY25 Growth Spending percentage is based on capex ex-satellite migration

© SKY 2021
Results Presentation
For the six months ended 31 December 2024

Page 22
38
45
28
76
0
1
12
41
15
18
Cash on
Hand Jun
2024
Cash from
operations
Net interestTaxCapexLeasingCash
available for
distributions
DividendsCash on
Hand Dec
2024
CASHFLOW BRIDGE H1 FY25 ($m)
Free Cash Flow
Continued strong cash flow generation
•Reported net cash from operations of $63m was broadly in line with
the prior period, supported by a positive movement in working capital
•Cash inflows included a refund for prepaid content following the move
to a new expanded agreement with Warner Bros. Discovery
•Capex included one-off spending of $5.3m for satellite migration and
accelerated growth capex related to new Sky Pods.
•Leasing costs benefited from Optus support which will continue to
flow through the leasing line in FY26, weighted to H1 in both years. By
the end of FY26 this will largely offset the satellite migration capex
spend
•Dividend distributions were $3m higher year on year (final dividend of
12 cps vs 9 cps)
•Sky closed the first half with cash on hand of $28m, and had an
undrawn banking facility of $100m
1. Dividends include supplementary dividends.
Net cash from
operating activities
$
63m
1
•
•
•

© SKY 2021
Results Presentation
For the six months ended 31 December 2024
Page 23
6.0
7.0
8.4
7.3
9.0
12.0
7.3
15.0
19.0
At least
21.0
30.0
0
5
10
15
20
25
30
35
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
FY22FY23FY24FY25FY26
DIVIDENDS
1
(cps)
InterimFinal
Capital Management
Sustainable free cash flow funding dividend growth; potential to introduce
leverage following completion of satellite migration and NZR negotiation
1. Adjusted free cash flow for the purposes of dividend guidance excludes one-off items, satellite
migration capex net of Optus rebates and accelerated growth capex related to the rollout of new
products.
Dividends
•Sky confirms an Interim dividend of 8.5 cents per share, fully imputed,
with a supplementary dividend paid to overseas shareholders
•This represents a 21.4% increase enabled through sustainable growth in
free cash flow and reflecting Board confidence
Buybackupdate
•No shares were acquired during the first half as the programme was
paused throughout the period
•A further $7.8m remains available for deployment before the
programme expires on 31 March 2025, however due to the ongoing
negotiations with NZ Rugby, the buyback remains suspended at this
time
Capital Management
•Further capital management initiatives, including the option to introduce
a prudent amount of leverage to the balance sheet, will be considered
following satellite migration and NZR negotiations
Guidance
Target
8.5

Looking
Ahead

Results Presentation
For the six months ended 31 December 2024
Page 25
1. Subject to no adverse change in operating conditions, including future economic headwinds.
Guidance excludes one-offs associated with satellite migration, accelerated amortisation and
transformation initiatives. 2,3. Free cash flow used for the purposes of dividend guidance excludes
one-offs, satellite migration capex net of Optus support, and accelerated growth capex related to
the rollout of the new products.
Outlook and FY 2025 Guidance
$m
FY 2025 guidance
1
(21 Aug 2024)
FY 2025 guidance
1
(21 Feb 2025)
Revenue760 - 785755 - 765
EBITDA150 – 170145 – 152.5
NPAT40 – 5535 – 42.5
Capex
2
55 - 70unchanged
Dividend
3
at least 21 cpsunchanged
Outlook
•Focus remains on satellite migration for Q3 and into Q4, which will
continue to delay some revenue plans
•Programming costs to reduce significantly in H2
•Expect to deliver EBITDA around the lower end of the previous
guidance range
FY25 Guidance
•Appropriate to narrow and lower the guidance ranges for Revenue,
EBITDA and NPAT
•Capex guidance (excluding satellite migration capex) is unchanged.
Satellite migration capex expectations of between $10 to $20
million is also unchanged, with support from Optus to flow through
the leasing line
•Continued confidence in dividend guidance of at least 21 cents per
share

Results Presentation
For the six months ended 31 December 2024
Page 26
(10)
30
1
7
(1)
88
60.7
148.8
Underlying 1H25
Revenue
Cost of Programming
Cost of Growth
Overheads
Other income
Underlying 2H25
FY25 F1 Guidance Mid Point
EBITDA BRIDGE (forecast) FY25 (HoH)
EBITDA Bridge to FY 2025
Clear pathway to achieving FY25 Guidance, underpinned by programming and
other cost savings which are largely confirmed
Comparing H2 FY25 to H1 FY25
•Revenue movement includes H1 Olympic related revenue
•2H operating costs reset after a weighting to 1H, moderating
towards a more consistent year on year profile
•Programming in 2H reset driven by:
-Sporting events not repeated in H2 (e.g. the Olympics, All
Blacks in bound and northern tours) and equitable
reductions (e.g. ESPN move to co-exclusivity), improved
pricing at renewals, and data driven decisions not to renew
-Savings from organisational transformation
•Other cost savings in H2:
-Modest reduction in cost of growth category
-Targeted overheads savings, as well as the benefit from
transformation and partnering efficiencies
Cost of
Growth
Overheads
Other
income
Underlying
2H25
FY25 Guidance
Midpoint
Revenue
Cost of
Programming
Underlying
1H25
FY25
Guidance
Mid-point

Questions

Disclaimer
This presentation has been prepared by Sky Network Television Limited and its group of companies (“the Company”) for informational purposes. This disclaimer applies to this document and the
verbal or written comments of any person presenting it.
Information in this presentation has been prepared by the Company with due care and attention. However, neither the Company nor any of its directors, employees, shareholders nor any other
person give any warranties or representation (express or implied) as the accuracy or completeness of this information. To the maximum extent permitted by law, none of the Company, its
directors, employees, shareholders or any other person shall have any liability whatsoever to any person for any loss (including, without limitation, arising from any fault or negligence) arising
from this presentation or any information supplied in connection with it.
This presentation contains projections or forward-looking statements regarding a variety of items. Such projections or forward-looking statements are based on current expectations, estimates
and assumptions and are subject to a number of risks, and uncertainties, including material adverse events, significant one-off expenses and other unforeseeable circumstances. There is no
assurance that results contemplated in any of these projections and forward-looking statements will be realised, nor is there any assurance that the expectations, estimates and assumptions
underpinning those projections or forward-looking statements are reasonable. Actual results may differ materially from those projected in this presentation. No person is under any obligation to
update this presentation at any time after its release or to provide you with further information about the Company.
The Company has used the non-GAAP financial measure EBITDA as the directors and management believe that these measures provide useful information on the underlying performance of the
Company. EBITDA is defined by the Company as earnings before income tax, interest expense, depreciation, amortisation and impairment, unrealised gains and losses on currency. You should
not consider this in isolation from, or as a substitute for, the information provided in the unaudited consolidated financial statements for the six months ended 31 December 2024, which form part
of the Company’s 2025 Interim Report, available at https://www.sky.co.nz/investor-centre/results-and-report.
The information in this presentation is of a general nature and does not constitute financial product advice, investment advice or any recommendation. The presentation does not constitute an
offer to sell, or a solicitation of an offer to buy, any security and may not be relied upon in connection with the purchase or sale of any security. Nothing in this presentation constitutes legal,
financial, tax or other advice.
Page 28
Results Presentation
For the six months ended 31 December 2024